Preaheat the oven to 350°F. Spray a bundt cake pan with baking spray. Set aside.

In a large mixing bowl, combine the cake mix, canned peaches with the juice, eggs, and vegetable oil.

Pour into the prepared bundt cake pan.

Bake for 45 minutes or until a toothpick inserted into the center comes out clean.

Allow the cake to cool in the pan for about 5-10 minutes.

Run a butter knife around the edges and center of the bundt cake pan. Invert the cake onto a cooling rack. Allow to completely cool before adding the cream cheese frosting.

Using a stand or hand mixer, beat the butter, vanilla, and cream cheese together on medium speed until it is smooth and creamy - about 2 minutes.

Add the powdered sugar while the machine is on low speed, a little at a time.

Continue mixing and adding the powdered sugar.

Once all the powdered sugar has been added, turn the mixer to high and beat until the frosting is light and fluffy. If it's too thick, you'll have to add 1 to 2 tablespoons of milk.

Pour the icing over the top of the cake so it runs down the sides.